Intrinsic value of CoreSite Realty - COR

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$103.76

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$103.76

 
Intrinsic value

$41.37

 
Up/down potential

-60%

 
Rating

str. sell

 
Value-price divergence* premium content

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Our model is not good at valuating stocks of financial companies, such as COR.

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of COR stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 3.6

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  20.12
  25.00
  23.00
  21.20
  19.58
  18.12
  16.81
  15.63
  14.57
  13.61
  12.75
  11.97
  11.28
  10.65
  10.08
  9.58
  9.12
  8.71
  8.34
  8.00
  7.70
  7.43
  7.19
  6.97
  6.77
  6.60
  6.44
  6.29
  6.16
  6.05
  5.94
Revenue, $m
  400
  500
  615
  745
  891
  1,053
  1,230
  1,422
  1,629
  1,851
  2,087
  2,337
  2,600
  2,877
  3,167
  3,471
  3,787
  4,117
  4,460
  4,817
  5,188
  5,573
  5,974
  6,390
  6,823
  7,273
  7,741
  8,228
  8,735
  9,263
  9,814
Variable operating expenses, $m
 
  275
  338
  409
  488
  576
  672
  776
  888
  1,009
  1,137
  1,268
  1,411
  1,562
  1,719
  1,884
  2,055
  2,234
  2,421
  2,614
  2,816
  3,025
  3,242
  3,468
  3,703
  3,947
  4,201
  4,466
  4,741
  5,028
  5,326
Fixed operating expenses, $m
 
  89
  91
  94
  96
  98
  101
  103
  106
  109
  111
  114
  117
  120
  123
  126
  129
  132
  136
  139
  143
  146
  150
  154
  157
  161
  165
  169
  174
  178
  182
Total operating expenses, $m
  306
  364
  429
  503
  584
  674
  773
  879
  994
  1,118
  1,248
  1,382
  1,528
  1,682
  1,842
  2,010
  2,184
  2,366
  2,557
  2,753
  2,959
  3,171
  3,392
  3,622
  3,860
  4,108
  4,366
  4,635
  4,915
  5,206
  5,508
Operating income, $m
  95
  135
  186
  243
  307
  379
  457
  543
  635
  734
  839
  954
  1,072
  1,196
  1,325
  1,461
  1,602
  1,750
  1,904
  2,063
  2,229
  2,402
  2,582
  2,768
  2,962
  3,164
  3,374
  3,593
  3,820
  4,058
  4,305
EBITDA, $m
  204
  270
  350
  442
  544
  658
  783
  918
  1,064
  1,221
  1,388
  1,564
  1,751
  1,947
  2,152
  2,367
  2,591
  2,825
  3,068
  3,321
  3,584
  3,857
  4,142
  4,437
  4,744
  5,063
  5,396
  5,741
  6,101
  6,476
  6,867
Interest expense (income), $m
  12
  24
  33
  43
  55
  68
  82
  98
  115
  133
  153
  174
  196
  220
  244
  270
  297
  325
  355
  385
  417
  450
  484
  520
  557
  595
  635
  677
  720
  765
  812
Earnings before tax, $m
  82
  111
  153
  200
  253
  311
  375
  445
  520
  600
  686
  780
  876
  976
  1,081
  1,191
  1,305
  1,425
  1,549
  1,678
  1,813
  1,952
  2,098
  2,249
  2,406
  2,569
  2,739
  2,916
  3,100
  3,292
  3,493
Tax expense, $m
  0
  30
  41
  54
  68
  84
  101
  120
  140
  162
  185
  211
  236
  263
  292
  321
  352
  385
  418
  453
  489
  527
  566
  607
  650
  694
  740
  787
  837
  889
  943
Net income, $m
  59
  81
  111
  146
  184
  227
  274
  325
  379
  438
  500
  570
  639
  712
  789
  869
  953
  1,040
  1,131
  1,225
  1,323
  1,425
  1,531
  1,642
  1,756
  1,875
  2,000
  2,129
  2,263
  2,403
  2,550

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  4
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  1,451
  1,812
  2,228
  2,701
  3,229
  3,815
  4,456
  5,152
  5,903
  6,706
  7,561
  8,466
  9,421
  10,424
  11,475
  12,574
  13,721
  14,915
  16,159
  17,452
  18,796
  20,192
  21,644
  23,152
  24,720
  26,351
  28,047
  29,811
  31,649
  33,562
  35,557
Adjusted assets (=assets-cash), $m
  1,447
  1,812
  2,228
  2,701
  3,229
  3,815
  4,456
  5,152
  5,903
  6,706
  7,561
  8,466
  9,421
  10,424
  11,475
  12,574
  13,721
  14,915
  16,159
  17,452
  18,796
  20,192
  21,644
  23,152
  24,720
  26,351
  28,047
  29,811
  31,649
  33,562
  35,557
Revenue / Adjusted assets
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
Average production assets, $m
  1,024
  1,280
  1,574
  1,907
  2,281
  2,694
  3,147
  3,639
  4,169
  4,736
  5,340
  5,980
  6,654
  7,363
  8,105
  8,881
  9,691
  10,534
  11,413
  12,326
  13,275
  14,262
  15,287
  16,352
  17,460
  18,611
  19,809
  21,055
  22,353
  23,705
  25,113
Working capital, $m
  0
  -5
  -6
  -7
  -9
  -11
  -12
  -14
  -16
  -19
  -21
  -23
  -26
  -29
  -32
  -35
  -38
  -41
  -45
  -48
  -52
  -56
  -60
  -64
  -68
  -73
  -77
  -82
  -87
  -93
  -98
Total debt, $m
  690
  945
  1,237
  1,568
  1,939
  2,349
  2,799
  3,287
  3,813
  4,376
  4,975
  5,610
  6,279
  6,982
  7,719
  8,490
  9,293
  10,131
  11,002
  11,909
  12,851
  13,830
  14,847
  15,905
  17,004
  18,147
  19,336
  20,573
  21,861
  23,202
  24,600
Total liabilities, $m
  1,016
  1,270
  1,562
  1,893
  2,264
  2,674
  3,124
  3,612
  4,138
  4,701
  5,300
  5,935
  6,604
  7,307
  8,044
  8,815
  9,618
  10,456
  11,327
  12,234
  13,176
  14,155
  15,172
  16,230
  17,329
  18,472
  19,661
  20,898
  22,186
  23,527
  24,925
Total equity, $m
  436
  542
  666
  807
  966
  1,141
  1,332
  1,541
  1,765
  2,005
  2,261
  2,531
  2,817
  3,117
  3,431
  3,760
  4,103
  4,460
  4,831
  5,218
  5,620
  6,038
  6,472
  6,923
  7,391
  7,879
  8,386
  8,914
  9,463
  10,035
  10,631
Total liabilities and equity, $m
  1,452
  1,812
  2,228
  2,700
  3,230
  3,815
  4,456
  5,153
  5,903
  6,706
  7,561
  8,466
  9,421
  10,424
  11,475
  12,575
  13,721
  14,916
  16,158
  17,452
  18,796
  20,193
  21,644
  23,153
  24,720
  26,351
  28,047
  29,812
  31,649
  33,562
  35,556
Debt-to-equity ratio
  1.583
  1.740
  1.860
  1.940
  2.010
  2.060
  2.100
  2.130
  2.160
  2.180
  2.200
  2.220
  2.230
  2.240
  2.250
  2.260
  2.270
  2.270
  2.280
  2.280
  2.290
  2.290
  2.290
  2.300
  2.300
  2.300
  2.310
  2.310
  2.310
  2.310
  2.310
Adjusted equity ratio
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  59
  81
  111
  146
  184
  227
  274
  325
  379
  438
  500
  570
  639
  712
  789
  869
  953
  1,040
  1,131
  1,225
  1,323
  1,425
  1,531
  1,642
  1,756
  1,875
  2,000
  2,129
  2,263
  2,403
  2,550
Depreciation, amort., depletion, $m
  109
  135
  165
  199
  237
  279
  325
  375
  430
  487
  549
  610
  679
  751
  827
  906
  989
  1,075
  1,165
  1,258
  1,355
  1,455
  1,560
  1,669
  1,782
  1,899
  2,021
  2,149
  2,281
  2,419
  2,563
Funds from operations, $m
  141
  216
  276
  345
  421
  506
  599
  700
  809
  925
  1,050
  1,180
  1,318
  1,464
  1,616
  1,775
  1,942
  2,115
  2,295
  2,483
  2,678
  2,881
  3,091
  3,310
  3,538
  3,775
  4,021
  4,277
  4,544
  4,822
  5,112
Change in working capital, $m
  -30
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
Cash from operations, $m
  171
  407
  277
  346
  423
  508
  601
  702
  811
  928
  1,052
  1,182
  1,321
  1,466
  1,619
  1,778
  1,945
  2,118
  2,299
  2,486
  2,682
  2,884
  3,095
  3,314
  3,542
  3,779
  4,026
  4,282
  4,549
  4,828
  5,118
Maintenance CAPEX, $m
  0
  -104
  -131
  -161
  -195
  -233
  -275
  -321
  -371
  -425
  -483
  -545
  -610
  -679
  -751
  -827
  -906
  -989
  -1,075
  -1,165
  -1,258
  -1,355
  -1,455
  -1,560
  -1,669
  -1,782
  -1,899
  -2,021
  -2,149
  -2,281
  -2,419
New CAPEX, $m
  -299
  -256
  -294
  -334
  -373
  -413
  -453
  -492
  -530
  -567
  -604
  -639
  -674
  -709
  -742
  -776
  -810
  -844
  -878
  -913
  -949
  -987
  -1,025
  -1,065
  -1,107
  -1,152
  -1,198
  -1,246
  -1,298
  -1,352
  -1,409
Cash from investing activities, $m
  -364
  -360
  -425
  -495
  -568
  -646
  -728
  -813
  -901
  -992
  -1,087
  -1,184
  -1,284
  -1,388
  -1,493
  -1,603
  -1,716
  -1,833
  -1,953
  -2,078
  -2,207
  -2,342
  -2,480
  -2,625
  -2,776
  -2,934
  -3,097
  -3,267
  -3,447
  -3,633
  -3,828
Free cash flow, $m
  -193
  47
  -148
  -148
  -145
  -138
  -127
  -111
  -90
  -65
  -35
  -2
  36
  79
  125
  175
  229
  286
  346
  409
  475
  543
  615
  689
  766
  846
  929
  1,014
  1,103
  1,195
  1,290
Issuance/(repayment) of debt, $m
  302
  255
  292
  331
  371
  410
  450
  488
  526
  563
  599
  635
  669
  703
  737
  770
  804
  837
  872
  906
  942
  979
  1,018
  1,057
  1,099
  1,143
  1,189
  1,237
  1,288
  1,342
  1,398
Issuance/(repurchase) of shares, $m
  1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  300
  255
  292
  331
  371
  410
  450
  488
  526
  563
  599
  635
  669
  703
  737
  770
  804
  837
  872
  906
  942
  979
  1,018
  1,057
  1,099
  1,143
  1,189
  1,237
  1,288
  1,342
  1,398
Total cash flow (excl. dividends), $m
  107
  302
  144
  183
  225
  272
  323
  377
  436
  498
  564
  632
  706
  782
  862
  946
  1,033
  1,123
  1,217
  1,315
  1,417
  1,522
  1,632
  1,746
  1,865
  1,989
  2,117
  2,251
  2,391
  2,537
  2,688
Retained Cash Flow (-), $m
  -20
  -110
  -125
  -141
  -158
  -175
  -192
  -208
  -224
  -240
  -256
  -271
  -285
  -300
  -314
  -329
  -343
  -357
  -372
  -387
  -402
  -418
  -434
  -451
  -469
  -487
  -507
  -528
  -549
  -572
  -596
Prev. year cash balance distribution, $m
 
  4
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  196
  20
  42
  67
  97
  131
  169
  211
  258
  308
  362
  420
  482
  548
  617
  690
  766
  845
  928
  1,015
  1,105
  1,198
  1,295
  1,396
  1,501
  1,610
  1,724
  1,842
  1,964
  2,092
Discount rate, %
 
  8.10
  8.51
  8.93
  9.38
  9.85
  10.34
  10.85
  11.40
  11.97
  12.57
  13.19
  13.85
  14.55
  15.27
  16.04
  16.84
  17.68
  18.57
  19.49
  20.47
  21.49
  22.57
  23.69
  24.88
  26.12
  27.43
  28.80
  30.24
  31.75
  33.34
PV of cash for distribution, $m
 
  181
  17
  32
  47
  61
  72
  82
  89
  93
  94
  93
  89
  82
  75
  66
  57
  48
  39
  31
  24
  19
  14
  10
  7
  5
  3
  2
  1
  1
  0
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

CoreSite Realty Corporation engages in the ownership, acquisition, construction, and management of data centers. The data centers are specialized and secure buildings that house networking, storage, and communications technology infrastructure, including servers, storage devices, switches, routers, and fiber optic transmission equipment. These buildings provide the power, cooling, and network connectivity to operate this mission-critical equipment. The company’s data centers are located in Los Angeles, the San Francisco Bay and northern Virginia areas, Chicago, Boston, New York City, and Miami. CoreSite Realty Corporation serves telecommunications carriers, content and media entertainment providers, cloud providers, enterprise customers, financial and educational institutions, and government agencies. As of December 31, 2011, its property portfolio included 12 operating data center facilities and 1 development site. The company is qualified as a real estate investment trust (REIT) under the Internal Revenue Code. As a REIT, it would not be subject to federal income taxes, if it distributes at least 90% of its REIT taxable income to its stockholders. The company was founded in 2010 and is headquartered in Denver, Colorado.

FINANCIAL RATIOS  of  CoreSite Realty (COR)

Valuation Ratios
P/E Ratio 59.6
Price to Sales 8.8
Price to Book 8.1
Price to Tangible Book
Price to Cash Flow 20.6
Price to Free Cash Flow -27.5
Growth Rates
Sales Growth Rate 20.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 130%
Cap. Spend. - 3 Yr. Gr. Rate 9.1%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 158.3%
Total Debt to Equity 158.3%
Interest Coverage 8
Management Effectiveness
Return On Assets 5.4%
Ret/ On Assets - 3 Yr. Avg. 3.9%
Return On Total Capital 6.1%
Ret/ On T. Cap. - 3 Yr. Avg. 4.9%
Return On Equity 13.8%
Return On Equity - 3 Yr. Avg. 10.1%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 69.8%
Gross Margin - 3 Yr. Avg. 69.7%
EBITDA Margin 50.8%
EBITDA Margin - 3 Yr. Avg. 48.2%
Operating Margin 23.5%
Oper. Margin - 3 Yr. Avg. 19.6%
Pre-Tax Margin 20.5%
Pre-Tax Margin - 3 Yr. Avg. 17.4%
Net Profit Margin 14.8%
Net Profit Margin - 3 Yr. Avg. 11.2%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 184.7%

COR stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the COR stock intrinsic value calculation we used $400 million for the last fiscal year's total revenue generated by CoreSite Realty. The default revenue input number comes from 2016 income statement of CoreSite Realty. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our COR stock valuation model: a) initial revenue growth rate of 25% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 8.1%, whose default value for COR is calculated based on our internal credit rating of CoreSite Realty, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of CoreSite Realty.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of COR stock the variable cost ratio is equal to 55.3%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $87 million in the base year in the intrinsic value calculation for COR stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 3.5% for CoreSite Realty.

Corporate tax rate of 27% is the nominal tax rate for CoreSite Realty. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the COR stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for COR are equal to 255.9%.

Life of production assets of 9.8 years is the average useful life of capital assets used in CoreSite Realty operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for COR is equal to -1%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $436 million for CoreSite Realty - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 34.695 million for CoreSite Realty is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of CoreSite Realty at the current share price and the inputted number of shares is $3.6 billion.


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COMPANY NEWS

▶ CoreSite Announces Tax Treatment of 2016 Distributions   [Jan-23-17 07:00AM  Business Wire]
▶ CoreSite to Speak at PTC 2017   [Jan-13-17 07:00AM  Business Wire]
▶ RBC Out With Top Data Center Dividend Picks for 2017   [Dec-20-16 09:50AM  at 24/7 Wall St.]
▶ Is CoreSite Realty Corp (COR) Going to Burn These Hedge Funds?   [Dec-02-16 08:52AM  at Insider Monkey]
Stock chart of COR Financial statements of COR Annual reports of COR
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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